SAN JOSE, Calif., Oct. 2, 2013 (GLOBE NEWSWIRE) -- The U.S. Department of Treasury, the County of Santa Clara and the local Silicon Valley business community have pledged their collective support to create solutions for Silicon Valley's housing shortage by providing an infusion of almost $3 million in funding for Housing Trust Silicon Valley's (HTSV) affordable housing programs. This new funding will aid more than 1,000 community families seeking affordable rental homes, foreclosure aid, or assistance to avoid becoming homeless—which are all core programs offered by HTSV.
Four separate entities approved grants and investments to HTSV: the U.S. Department of Treasury's CDFI Fund (more than $1.3 million), the County of Santa Clara ($1 million), the Housing Authority of Santa Clara County ($500,000), and the Santa Clara County Association of REALTORS® ($50,000).
The CDFI award investment will be used to make loans for the creation of new rental housing opportunities, while the County and Housing Authority grants will go towards the Sequester Eviction Prevention Program to keep Section 8 families affected by federal budget cuts from being evicted from their homes.
"Housing is a basic need we all share. Residents are facing eviction from their homes because Congress can't make responsible budget decisions," says Supervisor Ken Yeager, President, Santa Clara County Board of Supervisors. "It is up to local government to step in and help where we can."
Additionally, the Santa Clara County Association of Realtors (SCCAOR) funds will specifically aid HTSV's Foreclosure Help program.
"The Santa Clara County Association of Realtors is proud to have been a partner since the beginning of the foreclosure mitigation efforts," says Carl San Miguel, President of SCCAOR. "With this contribution of $50,000, we are confident that we can finally put this difficult chapter behind us and move forward in a much stronger and stable housing market."
Kevin Zwick, CEO of HTSV says,"The Housing Trust is enormously grateful to each organization who provided funds that will help so many of our community's families. The wide series of needs is remarkable in Silicon Valley, and with this funding, we'll be able to help some of the most poor who were hardest hit due to the sequester. The size and scope of these grants indicates that our local businesses and our county understand the urgency surrounding the housing shortage and the need to have local solutions to complicated problems."
HTSV's funding news comes just ahead of its third annual "Good Eats & Treats" event celebrating the local Silicon Valley community with the best in local, wine and live entertainment. Some tickets are still available: http://2013htgoodeats.eventbrite.com
About Housing Trust Silicon Valley
Housing Trust Silicon Valley (HTSV) is among the largest housing trusts in the nation financing housing and assisting first-time homebuyers. As a Community Development Financial Institution (CDFI), HTSV is nationally recognized for providing the resources and leadership needed to make housing more affordable for those who want to live in Silicon Valley. Since 2001, HTSV has invested more than $75 million and leveraged more than $1.88 billion to create more than 9,953 housing opportunities. Of those served, 83% had household incomes below 80% of the Area Medium Income (AMI).